The Place of Science in Modern Civilisation, and Other EssaysVeblen, Thorstein
Philosophy
The Place of Science in Modern Civilisation, and Other Essays
Veblen, Thorstein
Economics; Science
All this argument concerning the unearned increment may be carried over,
with scarcely a change of phrase, to the case of "capital goods." The
Danish flint supply was of first-rate economic consequence, for a
thousand years or so, during the stone age; and the polished-flint
utensils of that time were then "capital goods" of inestimable
importance to civilisation, and were possessed of a "productivity" so
serious that the life of mankind in that world may be said to have been
balanced on the fine-ground edge of those magnificent polished-flint
axes. All that lasted through its technological era. The flint supply
and the mechanical expedients and "capital goods," whereby it was turned
to account, were valuable and productive then, but neither before nor
after that time. Under a changed technological situation the capital
goods of that time have become museum exhibits, and their place in human
economy has been taken by technological expedients which embody another
"state of the industrial arts," the outcome of later and different
phases of human experience. Like the polished-flint ax, the metal
utensils which gradually displaced it and its like in the economy of the
Occidental culture were the product of long experience and the gradual
learning of ways and means. The steel ax, as well as the flint ax,
embodies the same ancient technological expedient of a cutting edge, as
well as the use of a helve and the efficiency due to the weight of the
tool. And in the case of the one or the other, when seen in historical
perspective and looked at from the point of view of the community at
large, the knowledge of ways and means embodied in the utensils was the
serious and consequential matter. The construction or acquisition of the
concrete "capital goods" was simply an easy consequence. It "cost
nothing but labor," as Thomas Mun would say.
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